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June
20th, 2012 (Vancouver, BC) -- Freegold
Ventures Limited (TSX: FVL, Frankfurt:
FR4N) ("Freegold") is pleased to
report the results from its ongoing
drill program on the Golden Summit
Project located near Fairbanks, Alaska.
1,755 metres have been drilled in the
Dolphin Zone since drilling resumed in
May. This year's program for Golden
Summit is anticipated to total 20,000
metres of which approximately 11,000
metres have been drilled since January.
An updated NI43-101 compliant resource
was completed on the Dolphin Zone in
December of 2011 and the current
drilling is aimed at expanding the
current Dolphin resource which, using a
0.35 g/t cutoff, is 14,840,000 tonnes @
0.66 g/t Au - representing 316,000
ounces in the indicated category and
50,460,000 tonnes @ 0.61 g/t Au -
representing 991,000 ounces in the
inferred category. The 2012 drilling
results continue to demonstrate the
expansion potential of the Dolphin
Deposit.
Width refers
to drill hole intercepts, true widths
can not be determined due to uncertain
geometry of mineralization. All assays
reported are uncut.
Hole GSDL1213 ( -90 degrees) was
collared 120 metres to the northeast of
GSDC1132. (See
hole location map:
http://www.freegoldventures.com/i/maps/062012FVL_map.jpg).
Hole GSDC1132 was a vertical hole which
intersected mineralization throughout
the entire hole (452 metres) and
remained open to depth. The highest
grade intercept within GSDC1132 was
0.81g/t Au over 166.4 metres with the
bottom 4.6 metres averaging 1.3 g/t Au.
Hole GSDL1213 intersected granitic host
rock throughout the hole.The higher
grade mineralization was associated with
pervasively sericite-altered intrusive
that was cut by later sheeted and
stockwork quartz veins Significant
intervals in this hole include 542.8
meters (collar to termination depth)
grading 0.81 g/t Au including 136.7
meters grading 1.57 g/t Au starting at
14.5 meters depth. Additional deep holes
are planned in order to expand the
Dolphin resource to depth.
The Qualified Person who has reviewed
the technical disclosure contained in
this release is Curtis J. Freeman,
M.Sc., PGeo who is the primary
geological consultant for the project.
Drill cores were cut in half using a
diamond saw, with one-half placed in
sealed bags. Core samples were picked up
on-site by Acme Analytical and
transported to their facility in
Fairbanks, Alaska. A sample quality
control/quality assurance program was
implemented.
About Freegold Ventures Limited
Freegold is a TSX listed company focused
on the exploration of gold projects in
Alaska. In addition to the Golden Summit
Gold Project, the company holds a 100%
in lease interest in the Rob Gold
Project near the Pogo Gold Mine in the
Goodpaster Mining District of Alaska and
has an exploration agreement with option
to lease the Vinasale Gold project in
central Alaska.
Kristina
Walcott-President and CEO
Telephone:
1.604.662.7307
jkw@freegoldventures.com
Some statements in this
news release contain forward-looking
information, including without
limitation statements as to planned
expenditures and exploration programs.
These statements address future events
and conditions and, as such, involve
known and unknown risks, uncertainties
and other factors which may cause the
actual results, performance or
achievements to be materially different
from any future results, performance or
achievements expressed or implied by the
statements. Such factors include without
limitation the completion of planned
expenditures, the ability to complete
exploration programs on schedule and the
success of exploration programs
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